Nonbanks and Banks: Alone or Together?

Nicola Cetorelli, Gonzalo Cisternas and Asani Sarkar
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Gonzalo Cisternas: https://www.newyorkfed.org/research/economists/cisternas

No 20250521, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Nonbank financial institutions (NBFIs) constitute a variety of entities—fintech companies, mutual funds, hedge funds, insurance companies, private debt providers, special purpose vehicles, among others—that have become important providers of financial intermediation services worldwide. But what is the essence of nonbank financial intermediation? Does it have any inherent advantages, and how does it interact with that performed by banks? In this Liberty Street Economics post, which is based on our recent staff report, we provide a model-based survey of recent literature on nonbank intermediation, with an emphasis on how it competes, or cooperates, with traditional banks.

Keywords: Non-banks; nonbank financial institutions (NBFIs); banks; securitization; private credit (search for similar items in EconPapers)
JEL-codes: G21 G23 (search for similar items in EconPapers)
Date: 2025-05-21
New Economics Papers: this item is included in nep-fdg and nep-pay
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